Dividend Distribution - The board of directors proposed a cash dividend of RMB 0.2841 per share for the first half of 2025, expecting to receive approximately RMB 38.19 billion from dividends of the Hong Kong subsidiary[4]. - The total cash dividend distribution to shareholders is estimated to be around RMB 34.77 billion, with a proposed distribution of RMB 1.112 per 10 shares[5]. - The company anticipates a profit available for distribution to shareholders of approximately RMB 34.82 billion after accounting for expenses and statutory reserves[4]. - The company aims to distribute an interim dividend of RMB 0.1112 per share, a 16.0% increase year-on-year[45]. - The proposed dividend distribution is subject to approval at the upcoming shareholders' meeting[69]. Financial Performance - The company's operating revenue for the first half of the year reached CNY 200.20 billion, a 1.5% increase compared to CNY 197.34 billion in the same period last year[24]. - Total profit for the period was CNY 17.70 billion, reflecting a 5.2% growth from CNY 16.82 billion year-on-year[24]. - Net profit attributable to shareholders was CNY 6.35 billion, up 5.1% from CNY 6.04 billion in the previous year[24]. - The basic earnings per share increased to CNY 0.203, a 5.2% rise from CNY 0.193 in the same period last year[25]. - The total comprehensive income for the first half of 2025 was RMB 14.83 billion, compared to RMB 13.98 billion in the first half of 2024, reflecting an increase of approximately 6.06%[120]. Cash Flow and Assets - The company reported a net cash flow from operating activities of CNY 29.30 billion, down 2.8% from CNY 30.14 billion in the previous year[24]. - As of the end of the reporting period, total assets amounted to CNY 665.47 billion, a decrease of 1.1% from CNY 672.84 billion at the end of the previous year[24]. - The company's cash and cash equivalents decreased to RMB 48.32 billion from RMB 54.71 billion, representing a decline of approximately 11.5%[117]. - The total liabilities decreased to RMB 286.33 billion as of June 30, 2025, down from RMB 304.05 billion at the end of 2024, indicating a reduction of approximately 5.79%[118]. - The company's total current assets reached RMB 165.36 billion, an increase from RMB 158.81 billion, representing a growth of about 4.7%[117]. Operational Highlights - The number of fixed internet broadband access users reached 684 million, while mobile phone users totaled 1.81 billion as of June 2025[31]. - The company maintained the highest revenue growth rate in the telecommunications industry, driven by its integrated innovation strategy[31]. - The revenue from the computing and intelligent network business reached RMB 45.4 billion, accounting for 26% of total revenue, indicating a significant growth in this segment[34]. - The company achieved a 60% year-on-year increase in revenue from 5G private networks, reflecting strong demand for 5G applications[38]. - The company launched over 50,000 5G application projects, enhancing its role in the digital transformation of various industries[38]. Research and Development - Research and development expenses increased by 15.6% year-on-year to RMB 3.46 billion, reflecting a focus on innovation and technology[51]. - The company invested RMB 1.17 billion in the "Industry Empowerment" initiative to enhance the quality and efficiency of supported industries[74]. - The company has established over 30 trusted data spaces and developed more than 100 AI intelligent entities, enhancing its capabilities in artificial intelligence applications[37]. Governance and Compliance - The report emphasizes that the financial statements are unaudited, and the company guarantees their authenticity and completeness[3]. - The company has not violated any decision-making procedures regarding external guarantees[8]. - The board of directors confirmed that all members can ensure the accuracy and completeness of the semi-annual report[8]. - The report does not indicate any significant changes in the company's governance or operational strategies[10]. - The company has maintained a good integrity status, with no significant unfulfilled court judgments or large debts due[78]. Guarantees and Financial Transactions - The company provided non-financing guarantees to its subsidiaries totaling approximately CNY 384.82 million during the reporting period[92]. - The total guarantee amount, including guarantees to subsidiaries, is CNY 764.86 million, which accounts for 0.45% of the company's net assets[92]. - The financial company has a credit limit of CNY 15 billion for the group and its subsidiaries, with CNY 9 billion already signed in agreements as of June 30, 2025[89]. - The company has issued guarantees to various branches, indicating a broad operational support strategy[93]. - The guarantees issued in Q2 2025 reflect a strategic approach to enhance operational stability across regional branches[93]. Shareholder Information - The total number of shareholders reached 556,883 by the end of the reporting period[109]. - The largest shareholder, China United Network Communications Group Co., Ltd., holds 11,399,724,220 shares, accounting for 36.46% of total shares[111]. - The company aims to enhance its governance structure and long-term incentive mechanisms through the second phase of the restricted stock incentive plan[108]. - There were no shares pledged, marked, or frozen among the top shareholders[111]. - The company has not reported any impact on earnings per share or net asset value due to share changes during the reporting period[106]. Financial Reporting and Accounting Policies - The financial statements comply with the accounting standards issued by the Ministry of Finance and reflect the group's financial position as of June 30, 2025, and the results for the period from January 1 to June 30, 2025[138]. - The group has maintained a consistent approach to accounting, using the accrual basis and historical cost for measurement, except for certain financial instruments measured at fair value[136]. - The company will recognize financial assets or liabilities upon becoming a party to a financial instrument contract, measuring them at fair value on initial recognition[152]. - The group classifies financial assets into different categories based on the business model for managing financial assets and the contractual cash flow characteristics[156]. - Expected credit losses are recognized based on the weighted average of credit losses for financial instruments, considering the longest contractual term facing credit risk[166].

财务状况稳健• 资本开支202亿元，同比下降15% • 经营活动现金流量净额290亿元 • 资产负债率43.7%， 下降2.1个百分点 股东回报提升• 中期股息每股人民币0.2841元(含税)，同比提升14.5% 业务结构持续优化• 联网通信收入1,319亿元，占比74.4% • 算网数智收入454亿元，占比26%，同比增长 4.3% • 国际业务收入68亿元，同比增长11% • 战略性新兴产业收入占比提升至86% 用户规模稳步扩大• 联接用户规模突破12亿 • 移动和宽带用户净增超1,100万，总量达4.8亿 • 物联网连接 数净增超6,000万，总量达6.9亿 中国联通2025年中期业绩公告要点解读 经营业绩稳健增长• 营业收入突破2,000亿元，达人民币2,002亿元，同比增长1.5% • 税前利润178亿元， 同比增长5.1% • 公司权益持有者应佔盈利144.8亿元，同比增长5.0% ...

经济观察网 中国联通在港交所公告，上半年营业收入突破2000亿元，同比增长1.5%；盈利能力持续增强，税前利润 达到178亿元，同比增长5.1%。董事会决定派发中期股息每股人民币0.2841元（含税），同比提升14.5%。 （编辑 刘睿） ...

中国联通在港交所披露业绩，2025年中期营收2002亿元，上年同期1973.41亿元，同比增1.5%。 (本文来自第一财经) ...

Overall Results - Operating revenue稳步增长，从2022年上半年的1763亿人民币增长到2025年上半年的2002亿人民币[7] - Service revenue稳步增长，从2022年上半年的1610亿人民币增长到2025年上半年的1784亿人民币[7] - 除所得税前的利润从2022年上半年的134亿人民币增长到2025年上半年的178亿人民币[7] Business Structure - Connectivity and Communications (CC)业务收入为1319亿人民币[10] - Computing and Digital Smart Applications (CDSA)业务收入为454亿人民币[10] - 国际业务收入为68亿人民币，同比增长111%[10] - CC业务占总服务收入的74%，CDSA业务占26%[10] Subscriber Base - 移动和宽带用户净增在近几年达到新高，总用户达到480 million[15] - 物联网连接数净增6032万，总连接数达到690 million[15] Subscriber Value - 云AI产品用户达到270 million，净增超过20 million[18] - “双千兆”用户比例达到50%[18] Computing Power Business - Unicom Cloud收入从2024年上半年的359亿人民币增长到2025年上半年的376亿人民币[24] - 数据中心收入从2024年上半年的131亿人民币增长到2025年上半年的144亿人民币[24] Network Investment - CAPEX为550亿人民币，同比下降15%[35] Financial Risk Control - 带息债务从2024年12月的4121亿人民币减少到2025年6月的3684亿人民币，下降XXX%[56] - 资产负债率从2024年12月的458%下降到2025年6月的437%[58] Shareholder Returns - 董事会决议派发中期股息每股02841人民币（税前），同比增长145%[47]

Core Insights - China Unicom reported a mid-year revenue exceeding RMB 200 billion, with a year-on-year growth of 1.5% [1] - The company's pre-tax profit reached RMB 17.8 billion, reflecting a 5.1% increase year-on-year [1] - Earnings attributable to equity holders amounted to RMB 14.484 billion, up 5.01% year-on-year, with earnings per share at RMB 0.47 and an interim dividend of RMB 0.2841 per share proposed [1] Financial Performance - Operating cash flow for the first half of 2025 was RMB 29 billion, while capital expenditure was RMB 20.22 billion [1] - As of June 30, 2025, the company's debt-to-asset ratio stood at 43.7% [1] Business Structure and Growth - The revenue from connected communications reached RMB 131.9 billion, while smart network revenue was RMB 45.4 billion, accounting for 26% of total revenue [1] - International business revenue grew by 11% to RMB 6.8 billion, and revenue from strategic emerging industries increased to 86%, becoming a new driver for high-quality development [1] User Growth and Network Development - The total number of connected users surpassed 1.2 billion, with net additions of over 11 million mobile and broadband users, marking a record high for the same period [1] - The number of IoT connections increased by over 60 million, totaling 690 million, with 86 million in the automotive IoT sector, reinforcing the company's leading position [1] Operational Efficiency - The company achieved significant results in precise network construction and intelligent network management, with capital expenditure decreasing by 15% year-on-year to RMB 20.2 billion [2] - The implementation of a simplified network is progressing, leading to an annual OPEX savings of nearly RMB 1 billion, and data center resource utilization exceeding 70% [2] - The company emphasizes high-standard construction and efficient operations, enhancing network layout, capability, and security [2]

每经AI快讯，8月12日，中国联通公告，上半年营业收入突破2000亿元，同比增长1.5%；盈利能力持续 增强，税前利润达到178亿元，同比增长5.1%。 （文章来源：每日经济新闻） ...

人民财讯8月12日电，中国联通（600050）在港交所披露2025年第二季度运营数据，截至2025年6月泛在 智联联接用户累计到达数12.08亿户，其中，5G网络用户累计到达数2.14亿户。 ...

人民财讯8月12日电，中国联通（600050）在港交所公告，上半年营业收入突破2000亿元，同比增长 1.5%；盈利能力持续增强，税前利润达到178亿元，同比增长5.1%。董事会决定派发中期股息每股人民 币0.2841元（含税），同比提升14.5%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10] Core Insights - The communication sector saw a 1.57% increase in the 32nd week of 2025, ranking 22nd among major industries, and a 22.42% increase since the beginning of the year, ranking 4th [2][5] - The release of GPT-5 and Genie 3 has significantly boosted AI commercialization metrics, leading to increased infrastructure investments [6] - The trend towards Scale-up architecture is confirmed, with multi-mode fiber technology upgrades driving demand for optical interconnects and high-speed optical modules [7] Summary by Sections Market Performance - In the 32nd week of 2025, the communication sector increased by 1.57%, ranking 22nd among major industries; since the start of the year, it has risen by 22.42%, ranking 4th [2][5] - Notable stock performances include Kesi Technology (+22.3%), Dongxin Peace (+17.1%), and Qiyi Er (+16.9%) for gains, while Tianfu Communication (-6.7%), Yingstone Network (-4.3%), and Lian Te Technology (-3.5%) faced declines [5] AI Commercialization - OpenAI's GPT-5 integrates rapid response and deep reasoning, enhancing multi-modal capabilities and reducing factual errors significantly; ChatGPT's weekly active users approach 700 million, a year-on-year increase of over 400% [6] - The annual recurring revenue (ARR) for AI applications has risen to approximately $13 billion, with expectations to exceed $20 billion by year-end [6] Optical Interconnect and Fiber Technology - The shift from Scale-out to Scale-up architecture is driving high-density interconnect demand; domestic leaders are accelerating multi-mode fiber production [7] - Companies like FiberHome are targeting an annual production capacity of 4 million core kilometers by 2026, while Hengtong Optics is expanding its advanced fiber materials R&D center [7] Investment Recommendations - Recommended operators include China Mobile, China Telecom, and China Unicom [8] - For optical modules, key recommendations are Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Shijia Photon, with a focus on Tai Chen Guang and Yuan Jie Technology [8] - In the domestic computing sector, recommended companies include FiberHome, Huafeng Technology, and ZTE Corporation [8] - AI application recommendations include Heertai, Tuobang Technology, and Meige Intelligent [8] - For satellite applications, recommended companies are Haige Communication and Huace Navigation [8]